Insurance is a waste of money… you hope

“911. What’s your emergency?”

“There’s a roof on fire in Chinatown,” I replied.

“Thank you sir. Can you tell me the address or the cross streets?”

Thankfully, that’s when I saw the fire engine go flying up Washington. 

The blaze dissipated on it’s own after 5 minutes, but I definitely 

had visions of Chinatown burning to the ground.  

This happened just as I was sitting down to write today, so I took it as a cue that the universe wanted me to talk about insurance.

I hate insurance. 

It’s a huge waste of money.

And Financial Zen Masters don’t waste money.

But we DO protect what we’ve built.

The reason to buy insurance is to avoid financial catastrophe. 

If insurance doesn’t prevent financial catastrophe, then don’t get it.

Here’s the ones that prevent financial catastrophe: 

– Term Life Insurance (if you have kids)
– Long Term Disability Insurance
– Personal Umbrella Liability
– Home & Auto insurance

If you have these, the best case scenario is that you waste your money because you avoided the land mines.

The worst case scenario is a policy pays out because you stepped on a land mine. But thanks to the insurance, you’ll be able to recover.

If you DON’T have these, the best case scenario is you’ll save money on premiums.

The worst case scenario is that you step on a land mine and irreversibly, negatively impact your life and your FAMILY’S future forever. 

So it’s up to you. 

Save a few bucks on premiums and potentially blow up your family. 

Or invest a few bucks on premiums in return for a good night’s sleep, knowing your family is safe even if your roof catches fire.